Commercial Aircraft Aftermarket Parts Market Share

The growing importance of aircraft maintenance is driving the market growth.

Market CAGR for aircraft aftermarket parts is driven by the growing number of individuals taking flight sky worldwide. Airlines are expanding their fleets to accommodate the ever-increasing air travel volume, both passenger and freight. There has been an increase in the flight operating duration of aircraft carriers, necessitating more frequent aircraft maintenance. Since poor maintenance can cost billions of dollars, airlines need a reliable system to keep their planes in good working order at all times.

Concerns about delays in maintenance that could lead to accidents and incidents in the aviation industry are also driving the demand for prompt repairs of damaged parts among aircraft operators. It can aid the operators in reducing the potential for mishaps related to aircraft operations. Aircraft operators can avoid unnecessary expenses by performing scheduled maintenance on their planes at optimal times.

Additionally, aircraft of the next generation feature cutting-edge sensors for data collection and analysis in real-time. The collected information is then used to refine the predictive maintenance models and algorithms. In addition, the digitization of the MRO procedure has increased the accessibility of aviation aftermarket components and systems. Therefore, cutting-edge technologies like big data and the digitalization of processes in delivering aftermarket parts have enabled businesses to comprehend the unpredictability of airline orders better and make informed strategic decisions. The aftermarket for airplane components is expected to expand due to these factors over the next few years.

For instance, Middle Georgia Regional Airport in Macon, Georgia, is home to MHI RJ Aviation Group's (MHIRJ) newest maintenance, repair, and overhaul (MRO) facility, expanding the company's presence in the North American market. In addition, the MRO service provider's West Virginia Service Center expansion project's Phase 1 was finished in October 2022. As a result, demand for the aircraft aftermarket parts market is anticipated to increase throughout the projection period due to the rising aircraft fleet. Thus, the driving factor is aircraft aftermarket parts market revenue.

The expansion of Maintenance, Repair, and Overhaul (MRO) services plays a pivotal role in the Global Aircraft Aftermarket Parts Market Industry. As airlines seek to optimize operational efficiency and reduce downtime, they increasingly rely on third-party MRO providers for specialized services. This trend is particularly evident in regions with growing aviation markets, where local MRO facilities are emerging to cater to increasing demand. The MRO sector is expected to grow at a CAGR of 6.64% from 2025 to 2035, indicating a robust future for aftermarket parts as airlines invest in maintenance solutions to enhance fleet performance and reliability.

The Global Aircraft Aftermarket Parts Market Industry is poised for substantial growth, with projections indicating a market size of 56.6 USD Billion by 2035. This anticipated growth underscores the increasing reliance on aftermarket parts as airlines expand their fleets and enhance maintenance capabilities. The market's trajectory suggests a robust demand for aftermarket components driven by factors such as rising air travel, technological advancements, and regulatory compliance. As the industry evolves, stakeholders must remain vigilant to capitalize on emerging opportunities and navigate potential challenges in this dynamic landscape.

The Global Aircraft Aftermarket Parts Market Industry experiences a surge in demand driven by the increasing number of air travelers. In 2024, the market is projected to reach 27.9 USD Billion, reflecting the rising need for efficient and reliable aircraft maintenance. Airlines are expanding their fleets to accommodate growing passenger numbers, which in turn necessitates a robust supply of aftermarket parts. This trend is expected to continue, as the International Air Transport Association forecasts that global air passenger numbers will double by 2035. Consequently, the demand for aftermarket parts will likely rise, supporting the industry's growth.

Technological innovations in aircraft design and manufacturing significantly influence the Global Aircraft Aftermarket Parts Market Industry. The introduction of advanced materials and systems enhances aircraft performance and efficiency, leading to a greater need for specialized aftermarket components. For instance, the integration of composite materials reduces weight and improves fuel efficiency, but also requires specific maintenance parts that are not part of the original equipment. As aircraft technology evolves, the aftermarket sector must adapt, creating opportunities for growth. This dynamic environment suggests that the industry will continue to expand as new technologies emerge and existing aircraft are retrofitted.

Sustainability and environmental considerations are becoming increasingly relevant in the Global Aircraft Aftermarket Parts Market Industry. Airlines are under pressure to reduce their carbon footprint and enhance fuel efficiency, prompting a shift towards more sustainable practices. This includes the adoption of aftermarket parts that are designed for longevity and reduced environmental impact. For instance, the use of recycled materials in manufacturing aftermarket components aligns with global sustainability goals. As the industry moves towards greener practices, the demand for environmentally friendly aftermarket parts is likely to increase, reflecting a broader commitment to sustainability within the aviation sector.

The Global Aircraft Aftermarket Parts Market Industry is heavily influenced by stringent regulatory compliance and safety standards imposed by aviation authorities. These regulations necessitate regular maintenance and replacement of parts to ensure aircraft safety and reliability. For example, the Federal Aviation Administration mandates that airlines adhere to specific maintenance schedules, which drives demand for aftermarket parts. As regulations evolve and become more rigorous, the need for compliant aftermarket components will likely increase. This trend underscores the importance of quality and reliability in the aftermarket sector, as airlines prioritize safety and compliance to maintain operational integrity.

Leading market players are investing heavily in research and development to expand their product lines, which will help the aircraft aftermarket parts market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the aircraft aftermarket parts market industry must offer cost-effective items.

Recent Development News for Aircraft AfterMarket:

On March 12, 2024, Lufthansa Technik made an announcement concerning a partnership with GE Aerospace with the aim of self-accomplishing MRO services for engines. This collaboration emphasizes the next generation of aircraft engines which are more effective considering the requirement of aftermarket services.

In February 2024, Collins Aerospace built an AI and ML-based platform that augments predicting maintenance on aviation tools. This assists airlines' in predicting the failure of critical parts and consequently adjusting their repurchasing timing, thus minimizing costs and idling.

In January 2024, Honeywell Aerospace introduced a digital aftermarket service designed to improve the management of the business offering life cycle maintenance and support for the aircraft. The service works with Honeywell Forge making it easier for airlines to reduce the fuel consumption and further improve the maintenance cycle.

In December 2023, Airbus announced the construction of a new state of the art MRO facility FG9254775 parts distribution center in Singapore. The center is positioned to service A320 and A350 aircraft, in response to the increasing demand for aviation’s maintenance services in the Asia-Pacific region.

In November 2023, The Boeing company announced the acquisition of a logistics center in Dubai, as an effort to broaden the distribution of its parts for aircraft through Boeing Global Services. This ensures easy accessibility to spares for airlines in the Middle East and Africa where the focus is on bolstering the Boeing presence.

In October 2023, AAR Corporation entered into a multi-year fleet contracts with Air India for Aircraft Component Repair Services and Parts for their Air India fleet.

In September 2023, the European Union Aviation Safety Agency (EASA) renewed amendments that will ease the processes involved in the certification of parts for aircraft. Such changes are likely to enhance the supply of aftermarket parts which is necessary for the industry to rebound after the pandemic.

In August 2023, Delta TechOps reported that there has been a big increasing in the demand for MRO services aided the return of flying. During this period, the firm disclosed its intention to recruit and expand its capacity to meet the ripening aftermarket needs

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the aircraft aftermarket parts market industry to benefit clients and increase the market sector. In recent years, the aircraft aftermarket parts market industry has offered some of the most significant technological advancements. Major players in the aircraft aftermarket parts market, including AAR (US), J.

Walter Aviation Limited (UK), Eaton (Ireland), Parker Hannifin Corporation (US), Aviall (US), Kellstrom Aerospace (US), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Collins Aerospace (US), and others, are attempting to increase market demand by investing in research and development operations.

AAR is a multinational provider of aftermarket services for the aerospace and defense industries in more than 20 nations. Aviation Services and Expeditionary Services are two of AAR's business divisions that help both commercial and government clients. Maintenance, Repair, and Overhaul (MRO) Services, Original Equipment Manufacturer (OEM) Solutions, Integrated Solutions, and Parts Supply are all a part of AAR's Aviation Services. The management of Mobility Systems is a part of AAR's Expeditionary Services. Our aftermarket knowledge and innovative solutions have won multiple awards and are helping businesses save money without sacrificing quality or safety.

In March 2023, AAR CORP, a major service provider for the aviation industry, signed a distribution deal with Cloud Cap Technology, a division of Collins Aerospace Mission Systems. Built on AAR's civil and government ties, as well as its proven supply chain and sales support systems, this arrangement increases AAR's footprint in the Unmanned Aerial System (UAS) sector.

Parker Meggitt uses its years of experience to improve the world. Our organization comprises some of the world's smartest minds, and we all work together to create cutting-edge technology and solutions with the ultimate objective of resolving the world's most pressing technical problems. Parker Aerospace Group successfully acquired Meggitt PLC, a leader in the aerospace, defense, and energy industries, and merged it with Parker Meggitt. Throughout its 37 manufacturing plants and regional offices, Parker Meggitt employs more than 9,000 employees.

In March 2023, Parker Meggitt, a division of Parker Hannifin Corporation, the world's foremost provider of motion and control technology, announced a collaboration with Airbus to create an energy buffer ("buffer") in service of the ZEROe aircraft demonstration.